So, looks like it (just) hits the 1%/m magic number, which SHOULD keep it in positive cash flow territory, providing you don't borrow more than 75% of its value, and you CAN achieve your desired 4% interest or lower, and it DOES achieve that return, and it DOESN'T get devalued by the economy going south.Now you've come this far, I suggest focusing on negotiating your mortgage Interest Rate.

Do you really think that the 3 seconds it took you to swipe over your account number with a black magic marker is the highest and best use of your time? 

If you are applying for refinance or purchase loan, the magic target FICO is 740.

As far as a school book and watching my great grandma work her magic.

For rehabbing, a magic number is 70%.  

If you're willing to get something in run down condition and fix it up, you may have a better chance of getting closer to those magic numbers.Also, those rules are not mandatory.

Half the rent goes toward expenses and reserves, vacancies etc.It's a personal choice what the magic number is for each person.

Just because it doesn't meet a magical 1% rule or 2% rule doesn't mean it's a horrible decision to go forward with it.

Trading 100K in cash for 100K in equity isn't some magic risk mitigation, it's just magic thinking.

Knowing what makes a good comparable, and adjusting appropriately is where the real magic happens though!